![]() “Some of us think that all of this surplus shows that we aren’t using taxpayer dollars to raise all the boats,” said Rep. The current fiscal year’s state budget was set at $8.1 billion. The whole tax plan is estimated to reduce state revenue by more than $1.6 billion in fiscal year 2028, after all parts of the plan are phased in, according to a nonpartisan analysis. Democrats said the plan would save Iowans in the lowest tax bracket less than $20 a year. Jacoby also said it’s not truly a flat tax, because there are still a lot of tax credits and exemptions.Īccording to the governor’s office, a 4 percent flat income tax rate would save Iowa families an average of $1,300. “Rob from the poor, give even more to the rich.” “It’s kind of a reverse Robin Hood,” said Rep. And they said the bulk of the tax savings will go to the wealthiest Iowans. Several Democrats criticized the bill, saying the big reduction in state revenue resulting from the tax cuts could jeopardize state services in the future. We don’t need to be spending it on growing government.” He said the state’s budget surplus isn’t for lawmakers to spend. House Majority Leader Matt Windschitl, R-Missouri Valley, said it’s an historic moment. ![]() The vote was 61 to 37, with three Democrats joining all Republicans present in support of the bill. ![]() It would also give tax breaks to retired farmers and people who retire from employee-owned companies. The Iowa House passed a bill Wednesday that would phase in a flat personal income tax of 4 percent and eliminate taxes on retirement income.
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